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Rent requirements in the US are nuts
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this post was submitted on 31 Aug 2023
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You need to move to someplace you can afford.
The OP is another example... You can live alone in many places, but they chose to live in an expensive area. You can't complain about that and be taken seriously. I want to live in Beverly hills... but I can't afford it, so I don't live there.
This is such a bullshit take. I'm not even going to address why because you already know. Yes, I'm sure the place they're talking about with $1600/month rent is fucking Beverly Hills, you jackass. Lmfao
I was just thinking this. I spend $1300 a month on rent and it's so fuckin run down and dumpy. If Beverly hills only cost me $300 more a month, I'd find a way to pay the difference and make it work. But Beverly hills isn't that cheap. Because everything, even garbage apartments, are stupid expensive now.
Dude, $5000+/month - 5 figures / month mortgage payments, easy in Beverley Hills.
Here in southern california, $1300 a month would get you....a bus ticket out of town.
Right
https://www.huffpost.com/entry/affordable-housing-coronavirus-rent-evictions_n_5f0ccf72c5b6310dc157414b
This was 3 years ago and it's only gotten worse
OP's Mortgage: $2600/month
You: "I want to live in Beverly hills... but I can't afford it, so I don't live there."
Out of touch with reality? Check.
What really blows is when I bought my house 8 years ago, it was affordable. I now make almost 40% more and there is no way I could afford the same house. Mortgage, taxes and insurance (including flood insurance because the NFIP sucks) is less than $1,400. Once PMI is removed, it will be closer to 1,300, and once we finally remove flood insurance (because we are inland and the maps are outdated) it will be less than $1,100 a month.
I just don't see how millennials find homes anywhere remotely desirable in this market.
My daughter is only 13 but we're already expecting she's going to spend her 20s with us because of this.
Even back at the end of 2019, we managed to find a house in a decent area that we could afford on my $60K/yr job. The mortgage was only $100 more a month than we were paying for a TINY “2” bedroom apartment. We managed to use our state’s first time homebuyer program to get a grant to pay to remove the PMI up front, which was a big help. I now make more money but I really think we couldn’t afford our house now (at least at the price online website estimate). It’s crazy and we never want to move if we can avoid it!
It's a strange market to be sure, but one way or another I think it'll end. Either mortgage rates go way, way down, or prices, or both in the medium to long term.
A $2600/month mortgage is like a half million dollar house dude
They should absolutely move if the wife has cancer.
Umm...try looking up what $400,000 worth of debt will cost you monthly today (and what your existing equity plus debt and on-hand cash will even buy you in today's market).
I wouldn't move in this market at all if you can make your mortgage payments.
Where should they move to that houses are less than half a million dollars these days, inner city Detroit?
Or, God forbid, outside of a major city.
My house is worth mid-200s (now, purchased for 140 about 8 years ago), in a very nice neighborhood. I have a pool, a literal white picket fence, and half an acre of property. My house is among the more expensive areas where I live.
There's an entire fucking country away from the coast buddy. Check it out. Or don't, and only move here when the breadwinner of your family has a potentially-fatal illness and you need to live somewhere less expensive that also has top-tier medical care nearby, which is what I suggested to OP.
I drove across the entirety of it multiple times, most people fly over it for a reason.
And thus property is cheaper.
I live in Indiana. Nice try though.
Cool. Here's a 3 bed 4 bath, extremely nice house for 350, inside Indianapolis. It was literally the first listing on Zillow. Let me know if you want me to pull up something cheaper.
I live in Ohio. Our markets aren't that different . Now imagine you didn't live in the largest city in Indiana.
https://www.zillow.com/homedetails/8024-Milender-Blvd-Indianapolis-IN-46237/308925348_zpid/
Oh, sorry, more than 3/4 million. That's definitely totally affordable for someone moving into a new area with no job lined up.
350k is not 3/4 of a million dollars. It's barely over 1/4 of a million dollars. You also don't have to live inside Indianapolis, because that jacks up prices.
Thinking isn't hard man.
But if that's not good enough here's 3br 1bath also inside Indianapolis for 100k cheaper
https://www.zillow.com/homedetails/Indianapolis-IN-46219/1219903_zpid/
You are correct. I meant 1/4.
Maybe in the boonies but my point is Beverly Hills is not a $2600/month zone and what OP is paying is not unusual.
A 2000 sq ft 3 bed 2 bath in a good neighborhood goes for about that where I live, which is known to be in the lower CoL part of the country. The reason shit is so fucked up is that our overlords at huge mutual funds like Blackrock have bought up all the houses so that they can rent them to serfs and collect perpetual income for almost no risk.
Lol no it is not. I'm not sure why you'd want to pretend it is.
I actually live in a moderate CoL area and am a homeowner. I could sell my house right now and buy a house not 20 miles away for about half what my current house is worth, which is also not half a million fucking dollars.
Do you know how insane this sounds to someone from "flyover country?"
There's an entire neighborhood going up near me in the 200s. Amazing school system, right outside the city, easy access to parks/lakes/what have you.
Lol no it is not. It is because we restrict what housing can be built where and thus have insufficient housing.
You are a shit human.
Fuck You, and fuck that entire concept
No. No you can't. There's only a few bajillion articles since COVID about the unaffordability of housing in all 50 states.
I want to live in Atlantis, but I don't own a submarine, it's fictional, and the Atlantis council simply does not prioritize affordable housing,
Lmao, my PITI is 3300/month and I live in a 1000sqft rambler that’s in ok shape in the first city that’s considered affordable outside of the Seattle region. All my job prospects are here or in similar markets, and rent for something comparable isn’t far behind what I’m paying (was paying $3k/month for a 2 bed apartment before buying last year) for my house.
Are there cheaper markets? Yea. Are there jobs for me in those markets? Lmao, no.
Not sure why everyone is downvoting you. Rural areas are significantly cheaper, assuming you can find a job there. I say this as someone who just built a house in rural Oregon 45 mins outside of PDX
Plus you can help do your part by turning their shitty little red county purple.